The Bears sent shockwaves through the NFL sphere on Thursday night when they sent a fourth-round draft pick to the Chargers in exchange for wide receiver Keenan Allen. The team announced the move later that evening.
Besides the 1,000-yard seasons and six Pro Bowl nods Allen brings to the Bears, he also brings a $23.1 million cap hit with him. Allen has the second-highest cap hit on the Bears for the 2024 season behind Montez Sweat.
After accounting for Allen's contract, the Bears now have $35 million in cap space, according to Spotrac. That's the fifth-most in the NFL behind the Commanders, Patriots, Titans and Eagles.
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But there are many caveats to this cap number.
Not all of the Bears' free-agent contracts have been accounted for. Free agent signings Kevin Byard, Jake Curhan, Gerald Everett, Amen Ogbongbemiga, Matt Pryor, Brett Rypien and Coleman Shelton have yet to be accounted for.
MORE: Bears free agent signing tracker: Every move GM Ryan Poles has made
Additionally, the Bears have four draft picks in the 2024 NFL draft, including two in the top 10. Accounting for draft pool money for those picks, you would need to take $13 million away from the cap to account for those rookies. That alone would leave about $22 million left in cap space.
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The Bears also accrued $10 million in dead cap this offseason, mostly for cutting ties with veterans Eddie Jackson and Cody Whtiehair. Those two alone count for just north of $9 million. Between the dead cap and the rookie pool, that leaves them with about $12 million, which puts them about 23rd in the NFL.
This is all to say, Ryan Poles' work in free agency is likely ending. Fans shouldn't expect the Bears to land a blue-chip edge rusher. They could bring one in on a moderately attractive deal, but nothing major. Remember, they have the No. 1 and No. 9 picks in the NFL draft to use, too.
This story will be updated once new signees are completely accounted for.